How Holiday Spending Changed: High Prices Affect Shoppers Differently 🎁
The holidays are a time when many people buy gifts, decorations, and special treats. But this year in the United States, not everyone spent the same way. Here’s what’s happening!
High Prices Make a Difference
Because prices for things like food and childcare have gone up, some families have less money to spend on holiday fun. Families that earn less are finding it harder to buy extra things after paying for important stuff like groceries.
Who Spent More?
Families that make more than $100,000 a year were able to spend more this holiday season. They bought more expensive items, like fancy blenders over $100! Companies are noticing this and are making more high-end products for people who want to spend more.
Less Spending on Cheaper Items
On the other hand, people aren’t buying as many cheaper items under $20. Companies like Newell Brands, the maker of Sharpie pens and Graco strollers, are focusing less on improving their cheapest products.
Did People Spend More Overall?
Yes! Between November 1 and December 24, people in the U.S. spent 3.8% more than they did last year during the same time. That’s good news for stores, but it doesn’t include the shopping that happens after Christmas.
What Does This Mean?
This means that while some people are able to spend more during the holidays, others are cutting back. It’s important to understand how high prices affect different families. Even though some people bought bigger and better gifts, others focused on the essentials.
Remember
No matter how much money is spent, the holidays are about spending time with loved ones and sharing joy! 🎄❤️
Reference(s):
Deepening divide in U.S. holiday spending trends driven by high prices
cgtn.com
